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China Daily | Updated: 2017-07-17 08:24

Jia Yueting quits as chairman of LeTV

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Jia Yueting has earlier this month resigned as chairman of LeTV, the listed video-streaming branch of LeEco, a Chinese internet firm, which he founded in 2004 and chaired ever since. Jia still holds a 26.27 percent stake in LeTV, but most of that share has been frozen due to the company's debt crisis. After his resignation, Jia was appointed chairman of LeE-co's automobile unit. He said he would repay the money owed to financial institutions and suppliers of LeTV by focusing on the automobile business. The new chairman of LeTV would be selected at the extraordinary general meeting to be held on July 17.

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